18th Dec 2019 16:47
(Alliance News) - Prime People PLC said Wednesday it will seek shareholder approval to reduce its share capital, by cancelling part of its share premium account and returning GBP2 million to shareholders.
Shares in the recruitment firm closed 10% higher in London on Wednesday at 109.50 pence each. The return equals about 16 pence per share, Prime People said.
Prime People will hold a general meeting on Friday, January 3 to put the proposal to shareholders.
"The board of directors considers that the resolution is in the best interests of the company and its shareholders as a whole and unanimously recommends that shareholders vote in favour of the resolution to be proposed at the general meeting," the company said.
If approved by shareholders, the capital reduction is expected to take place on or around January 21.
Prime People said it is going ahead with the capital reduction as it believes it has sufficient funds to pursue its organic growth plans.
By Paul McGowan; [email protected]
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